Oil prices surge after Israel strikes Iran in major escalation of Mideast standoff
June 13, 2025
Israel launched a wide-ranging attack against Iran in which it targeted the country’s nuclear program and military leadership. Energy sites and infrastructure were not targeted as of yet. Reports indicate that Iran had an initial retaliation on Friday morning, launching 100 drones toward Israel.
Of course, all this has rallied energy prices as the markets are concerned with what will happen next. The energy impact is part of that and could be something like blocking the Strait of Hormuz.
Crude put in an overnight high of 77.62 and is currently trading at 73.76, so the markets have pulled back after the initial spike higher. ULSD put it at a high of 2.3709 and is currently 2.3299. Gasoline put in a high of 2.3045 and is currently at 2.2417.
This situation will be the news of the day, and traders will be watching to see if there is any escalation or if something is done to impact energy supplies or production.